On-Chain Data Shows Surge In Stablecoins Supply Pouring Into Bitcoin

2021-10-26 22:00

On-chain data shows a recent rise in the number of stablecoin addresses sending to exchanges, suggesting an increase in dry powder supply pumping into Bitcoin.

Stablecoins Exchange Inflow Addresses Count Recently Surges

As pointed out by a CryptoQuant post, the number of stablecoin addresses making inflow transactions to exchanges saw a sharp rise yesterday.

Stablecoins are tokens that have their values tied to a fiat currency. Since they are relatively stable (as their name suggests), investors like to use them for temporarily pulling out of volatile markets like Bitcoin.

The “all stablecoins: all exchanges inflow addresses count” is an indicator that shows the total number of these fiat token addresses that are sending their coins to exchange wallets.

A spike in the metric’s value means there is an increase in the supply of stablecoins for transferring to other cryptos. This could suggest investors believe now may be a lucrative entrance into volatile markets, and so they are converting their fiat-tied coins to BTC and other cryptocurrencies. They may also be looking to withdraw the coins into fiat.

Related Reading | Bitcoin Bullish Signal: Whales Are Building Their Positions On Derivatives

Now, here is a chart that shows the trend in the indicator’s value over the last week:

The stablecoins inflow addresses count showed a huge spike yesterday | Source: CryptoQuant

As the above graph shows, the indicator showed a very large value yesterday, implying that a lot of investors sent their coins to exchanges at that time.

The reason behind the trend could be the recent correction that Bitcoin suffered after making its new ATH. Investors may be bullish on the future price of the coin and find that this dip is a good buying opportunity.

One that thing should be noted is that not the entire stablecoins supply moving into exchanges will be pouring into Bitcoin. A percentage of them will go into altcoins and another will be withdrawn into fiat or kept on exchanges.

Related Reading | Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey

Nonetheless, a surge in the total supply is still a good sign for BTC and may help the coin bounce back from the correction. Sustained such inflows can prove to be bullish and take the crypto to higher all-time highs (ATHs).

Bitcoin Price

At the time of writing, BTC’s price floats around $63k, up 4% in the last seven days. Over the past month, the crypto has gained 48% in value.

The below chart shows the trend in the price of the coin over the last five days:

BTC's price observes a correction in the last few days, but now looks to be making a come back | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Rise (RISE) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.33 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0052835 (-100%)

addresses stablecoin number inflow exchanges rise on-chain

Источник: newsbtc.com

addresses stablecoin → Результатов: 28


Tether: 115 addresses controlling 56% of total supply fuels centralization, manipulation concerns

One breed of coins that came out a winner following the Black Thursday crash was the stablecoin market. The world's most popular stablecoin, Tether's market cap rose as Bitcoin's own market cap dwindlThe post Tether: 115 addresses controlling 56% of total supply fuels centralization, manipulation concerns appeared first on AMBCrypto.

2020-5-5 19:30


Фото:

Yet another reason to dislike Tether: 300 addresses hold 80% of the ‘stablecoin’

Infamous stablecoin and pseudo currency Tether (USDT) doesn’t exactly have the cleanest of rap sheets, and if you needed another reason not to trust it, keep reading. According to recent findings from cryptocurrency researchers at Coin Metrics, around 300 entities hold about 80 percent of the Tether currently in circulation, Bloomberg reports.

2019-8-8 11:30


Tether Stablecoin Wallet Analysis Shows 318 Wallets Control 80% Of All USDT In Existence

Centralization is a well-known problem of crypto markets. People often referred to as whales control a fifth of some markets and have the strength to promote manipulation whenever they want to. Tether, however, seems to be facing an even worse situation: only 318 crypto addresses actually control 80% of the circulating supply of Tether (USDT). […]

2019-8-8 00:08


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Stablecoins see reduced activity amidst market uncertainty: What now?

The stablecoins activity has taken a hit in recent weeks. The dominance chart reflected reluctance from market participants to buy assets. Bitcoin [BTC] was under pressure in the lower timefThe post Stablecoins see reduced activity amidst market uncertainty: What now? appeared first on AMBCrypto.

Ripple CEO Brad Garlinghouse defends Tether stance: What did he say?

Garlinghouse criticizes the SEC and the U.S. government regarding Tether. Tether maintained dominance despite controversies, indicating resilience. In a recent development, Ripple [XRP] CEO The post Ripple CEO Brad Garlinghouse defends Tether stance: What did he say? appeared first on AMBCrypto.

USDC surpasses Tether USDT - A sign of stablecoins' future?

USDC surpasses USDT, indicating a shift in stablecoin market dynamics. Leaders stress aligning stablecoins with democratic values and transparent regulations. In a surprising development, CiThe post USDC surpasses Tether USDT - A sign of stablecoins' future? appeared first on AMBCrypto.

Why USDT dominates 70% of the stablecoin market

The stablecoin market capitalization was trending upward once again One metric hinted at negative sentiment and selling pressure in the market Stablecoins are integral to the crypto ecosysteThe post Why USDT dominates 70% of the stablecoin market appeared first on AMBCrypto.